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Mexico's central bank, Banco de Mexico, has proposed new regulations to supplement the country's new Fintech laws.
Although the proposed regulations do not mention anything about the banning of crypto-industry players, according to Coin Center, they would eventually kill the sector by banning banks from providing financial services, such as transmission and preservation services to banks. actors in the crypto industry.
Still according to the Washington-based nonprofit research and advocacy center, the proposal concerns "the mathematical and cryptographic processes that underpin digital badets," such as cryptocurrencies are too complex for average users.
Added to this is the volatile nature of crypto, which should be managed by "putting consumers in quarantine of direct contact with crypto," as reported by Crypto Globe.
Coin Center thinks the reasoning makes no sense, saying that an average person does not understand how a car works, but that cars are not banned in the country.
Citing their official statement, "an approach of" protecting "consumers by eliminating regulated exchanges is no different from the failure to enact automobile safety standards for automakers, but to prevent Buy cars and allow only buses on the roads ".
In addition, the advocacy center said that if the proposal is approved, Mexican cryptography enthusiasts could only enter "underground markets", even less safe than those regulated.
With 60 days left for the public to comment on the proposal, Coin Center hopes to raise awareness by taking innovative steps to comment on the proposal.
How will the regulation of Mexican crypto take place? Paste with Chepicap for updates.
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